Boca Grande sales fell flat in 2012, but prices rose

The total sales volume hit $137.3 million - a 9 percent increase from last year, according to data provided by Gasparilla Properties.

"Prices are leveling and going up in some cases," said Bob Melvin, a top producing Boca Grande agent.

The average price of real estate on the island actually rose 7 percent to $1.33 million from $1.24 million a year ago.

"We're No. 3 in the country - behind just Aspen and Palm Beach - in terms of our real estate retaining its value," Melvin said. "We don't have wild ups and downs because there's very little speculation on the island."

Inventories of unsold properties are coming down, he added. But there are still 150 properties for sale on the island - everything from one-bedroom condos on the water that go for as little as $200,000 to a $12 million estate on the beach.

Melvin expects 2013 to be another strong year. There's a lot of pent-up demand and Boca Grande's facilities are getting better.

"You've got the expansion of the Coral Creek airport and the Boca Grande jet center - the private airport off Boca Grande," he said. "Any private jet can get in now."

The main obstacle to using the airport is that it's members' only.

Michael Braga

Michael Braga is a business reporter for the Sarasota Herald-Tribune and Inside Real Estate. email or call (941) 361-4877.

Last modified: January 22, 2013
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